From the Office of Senator Kerry

Thursday, September 18, 2003

WASHINGTON, DC – Senator John Kerry (D-Mass.) today joined Senator Joseph Biden (D-Del.) in announcing legislation to help pay for the war in Iraq. The Biden-Kerry amendment instructs the United States Treasury to reduce the size of the Bush tax cut for the wealthiest one percent of Americans to help pay for the war in Iraq.

“I believe that the American people expect that if we’re going to have to ante up more money in order to safeguard our troops and get this job done, that there should be a shared sacrifice by Americans here at home,” said Kerry, lead cosponsor of the legislation.

“The plan Senator Biden and I have laid out will link more spending on Iraq to the reduction of the Bush tax cuts for those in the top tax bracket. We are asking the wealthiest Americans to help protect our future by sacrificing some of their tax cuts at a time when our soldiers are sacrificing on the battlefield of a nation that remains at war.”

The Biden-Kerry plan would require the Treasury Department to raise an additional $87 billion for the President’s request for supplemental funding for our troops in Iraq and for reconstruction. The Secretary of the Treasury is instructed to adjust the tax rate for those in the top tax bracket -- Americans whose average income is about $1 million a year. The rate adjustment would occur during the final six years of the President’s 10 year tax cut plan.

“The reality is that we no longer have the budget surpluses the President inherited. Our choices today are stark,” said Biden. “We can either pass on to our grandchildren the cost of meeting our security needs, we can cut deeper into the services middle class taxpayers count on, or we can face our obligations squarely and pay for them by asking the most fortunate among us to share in the common sacrifices Americans are making to make the nation more secure.”

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